HDFC Life, SBI Life, GIC: Insurance stocks mixed after reports suggets Indian life insurance industry grew 2% YoY

Life insurance stocks traded mixed in Friday's (April 19) morning session after reports suggested that the Indian life insurance industry surpassed a new milestone with new business premium collections of Rs 3,77,960 crore, representing a two per cent growth over FY23. 

As of 10:40 a.m., shares of GIC were down over 2 per cent, HDFC Life Insurance, Max Financial Services which holds an 87 per cent majority stake in Max Life Insurance, ICICI Prudential Life Insurance Company shares were down over 1 per cent, and SBI Life was down nearly one per cent.

On the other hand, LIC shares traded 0.40 per cent higher. 

Life Insurance Council — a forum to coordinate discussions between all stakeholders in the Indian life insurance industry — released annual industry business figures on Thursday, April 18, and stated that the new business premium underwritten by Indian life insurers has been growing steadily, achieving a 12 per cent compound annual growth rate (CAGR) between 2014 and 2023. 

The industry reported a 15.6 per cent year-on-year (YoY) increase in new business premiums (NBP) in March 2024, with the cumulative figure for FY24 coming in at two per cent higher than what was achieved in the previous financial year. 

The NBP of Indian life insurers came in at Rs 3,77,960 crore for the year ending March 2024, supporting life insurers new business premium collections that stood at a record high of Rs 3,70,543 crore for the same period the previous year.

Also Read: Indian life insurance companies end FY2023-24 on a high; post 15.6% growth in new business premiums in March 2024

According to data released by Life Insurance Council, the life insurance industry saw its NBP collection coming in at Rs 60,213 crore in March 2024 — at a 41.5 per cent growth in group premiums, with a similar increase in group single premiums being the biggest contributing factor to the rise in new business premium. 

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